New York-based fund of hedge funds firm SkyBridge Capital announced Tuesday that it will be taking its first step into South Korea.
SkyBridge said in a statement that it has entered into an agreement with Seoul-based banking and financial services holdings firm Woori Financial Group, which would allow it to distribute its hedge fund products in South Korea.
Woori Investment & Securities, which is a unit of the South Korean firm, will invest in one of SkyBridge’s funds as part of the partnership.
The agreement signals that foreign hedge funds may finally gain presence in South Korea, which has been notoriously skeptical of the industry after speculative investments from foreign funds caused the country's financial markets to tumble in the late 1990s.
Launched by Anthony Scaramucci in 2005, SkyBridge is best known for its SkyBridge Alternatives Conference (SALT), which is the largest conference in the hedge fund industry.